TIN Matching System: Reducing B-Notices and Eliminating Proposed Penalties
OVERVIEW
For many years, the IRS has placed the burden
on businesses, non-profits and not-for-profits as well as all levels of
government to report information about taxable payments they make to their
vendors and customers.
In order to more accurately match our information
reporting to taxpayer’s tax returns they have introduced an “e-services” portal to help us
ensure the names and tax identification numbers provided to us by our payees
match their records. When used properly, this system can reduce the risk of warning
letters (CP-2100s/B-Notices) and penalty notices (972-CGs) from the IRS.
WHY SHOULD YOU ATTEND
- How do you know your vendor’s
W-9’s are correct?
- What are the consequences of
filing incorrect name and ID numbers on their 1099’s?
You can begin to develop a solid plan to move
your company toward near absolute regulatory compliance, efficiency
improvements, standardized processes, & adequate documentation to ensure
your 1099’s contain accurate information that will agree with the IRS’s
records. You will all but eliminate your B-Notices from the IRS!
AREAS COVERED
Do you
know the answers to these questions?
- Starter Question: What is TIN
Matching?
- What are the benefits of the IRS
TIN Matching System?
- Who must request access to the TIN
Match system?
- How do we register to use the
system, including the 2-step verification system introduced 12/10/17?
- How does the TIN Matching system
work?
- What are the best practices for
managing 1099 reporting requirements?
- How do I deal with vendors who
report incorrect information on their W-4’s?
- B-Notices: when I receive a letter
from the IRS stating I have incorrect names/TINS on my 1099’s, what must I
do and what about the deadlines?
- What if I receive a Notice of
Proposed Penalty?
- How do we negotiate a reduction or
eliminate the penalty?
- How do we leverage the Reasonable
Cause Regulations?
- How does TIN Matching impact the
fight to reduce proposed penalties?
LEARNING OBJECTIVES
Learn the best practices for eliminating 1099 error notices from the IRS. Discover the power of
the IRS TIN Matching
system. Discover the smoothest way to register to use the two step verification
process introduced 12/10/17. Learn
how to handle the CP-2100 notices
from Uncle Sam and avoid the fines & penalties for failure to timely comply
with the B-Notice requirements.
Understand the difference between and 1st and
2nd B-Notices and the related differences in required vendor responses. Be sure
you institute and stop Backup Withholding when required. You will gain the
tools to make you the most effective information return manager your company
has ever seen.
WHO WILL BENEFIT
- CFOs
- Controllers
- Compliance Managers
- Accounting Managers
- Accounts Payable Managers
- Any institution that makes reports
on forms 1099-INT, 1099-B, 199-DIV, 1099-PATR, & 1099-MISC
SPEAKER
Miles
Hutchinson is a CGMA (Chartered Global Management Accountant) and
experienced businessman. He has been an auditor with PriceWaterhouseCoopers and
the Chief Financial Officer of a $1 billion real estate development company.
Miles is a professional speaker and consultant who has presented over 2,000
seminars and training sessions on a myriad of business and financial topics,
like financial analysis and modeling, accounting, strategic planning, and
compliance with the Sarbanes-Oxley Act.
Use
Promo Code PRDS20 and get flat 20% discount on all purchases.
To Register (or) for more
details please click on this below link:
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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